Amoco Corp. said it lost $478 million in the second quarter, due to a huge $805-million charge for a corporate restructuring and job cuts.
The loss, equal to 96 cents a share, contrasted with a profit of $238 million, or 48 cents, in the period last year.
Amoco, the nation's fifth-largest oil company, announced this month that it would cut 8,500 jobs from its work force of about 54,000 in the next 18 months. It said the cuts were necessary because of a slide in U.S. oil production and weak prices.
Revenue rose 9% to $7.37 billion from $6.77 billion, mostly due to settlement of a dispute involving a natural gas project, the company said.